Eastman swings into $2m loss in fourth-quarter 2008

30 January 2009 00:15  [Source: ICIS news]

HOUSTON (ICIS news)--Eastman Chemical had a fourth-quarter net loss of $2m (€1.52m), compared with a profit of $98m in the same quarter of 2007, the performance polymers and specialty chemicals producer said on Thursday.

For full-year 2008, Tennessee-based Eastman reported a net profit of $346m, up 15% over $300m in all of 2007.

Eastman chief executive Brian Ferguson attributed the last-quarter loss to "an unprecedented decline in demand" brought about by the global recession but said the company was positioned to weather the downturn and rebound when demand recovered.

Regarding the first quarter of 2009 and full-year estimates, Ferguson said he expected first-quarter earnings per share to be slightly higher than fourth quarter earnings per share excluding gains and charges related to strategic and cost cutting actions and other income in fourth quarter 2008.

($1 = €0.76)

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By: Lane Kelley
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